$20 billion The federal flood insurance program may be going broke after incurring $20 billion in debt from recent storms like Hurricane Katrina. But that hasn’t stopped politicians from trying to extend the taxpayer-subsidized coverage for some of the riskiest …
One New York “Every policy, every action, every decision we make in this administration will further two overarching objectives: we must transform our government so that it is as ethical and wise as all of New York, and we must …
In his first report to the state, New York Gov. Eliot Spitzer included reforms of the state’s workers compensation and health care systems among the priorities in an ambitious legislative agenda. He said the two systems are failing both the …
MetLife Inc., the largest group life insurer in the nation, will pay $19 million and change some of its business practices to end an investigation of payments made to brokers to steer clients its way, Attorney General Eliot Spitzer said …
American International Group Inc. sued a former accounting vice president last Friday, alleging she has refused to return company computers and confidential information and has attempted to “harass, extort and injure” the insurer. The insurance company filed its breach-of-contract claim …
A UnumProvident Corp. regional vice president pleaded guilty to federal fraud charges in a case that caused losses of about $6.1 million for the nation’s largest disability insurer, prosecutors said. James Michael Foley, 49, of Germantown pleaded guilty last Thursday. …
After being the target of state investigations for more than two years, giant Florida insurance agency Brown & Brown Inc. admitted no guilt and faced no charges but opted to pay $5.8 million to bring the probes to a halt. …
Historically, the insurance sector has not been high on the list of preferred investments for private equity markets, but since 2001 interest in insurance and reinsurance has been on the rise, not only with private equity firms, but also with …
Terrorism, corporate scandals and regulation make way for institutional change What professional liability exposures do financial institutions face today? Have risks significantly changed since 2001? If so, why? Major events have had a direct impact on insurers, agents and the …
Incoming New York Gov. Eliot Spitzer will nominate Eric Dinallo, a former lead investigator in his office of attorney general and currently general counsel of Willis Group Holdings, to be superintendent of insurance. Dinallo worked with Spitzer from 1999 to …
